The Pomp Podcast Bitcoin vs. The Fed: Who Wins in 2026? | Jeff Park
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Dec 10, 2025 
Jeff Park, Partner and Chief Investment Officer at ProCap Financial, dives into the Fed’s upcoming rate cuts and their impact on markets. He explains the disconnection between Bitcoin's strong performance and negative sentiment. The conversation touches on how AI investment is reshaping macroeconomic landscapes and attracting institutional players like BlackRock. Park also argues that Bitcoin uniquely fulfills market needs, contrasting it with altcoins and emphasizing its cultural value of sovereignty and optimism in an era of technological abundance.
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Fed Cuts Are Likely, Liquidity Is The Wildcard
- The Fed will likely cut rates and may accelerate cuts depending on labor-market quality and global divergences.
- Liquidity easing beyond rate cuts (QE-style injections) is the key unknown for 2026 and market functioning.
AI Investment Skews Monetary Equilibrium
- AI investment is driving a concentrated investment boom that pushes neutral rates higher in theory but complicates Fed policy.
- Heavy Treasury bill issuance and year-end balance-sheet dynamics increase short-term liquidity strain.
QE May Become Targeted And Industrial
- Future QE may be more targeted and qualitative, not just blanket asset purchases.
- Policymakers will likely pursue industrial and job-targeted interventions to address K-shaped imbalances.